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Let's say Amanda's income was $33,000 and she contributed $1,500 to her employer's 401K plan. She had zero distributions...

Let's say Amanda's income was $33,000 and she contributed $1,500 to her employer's 401K plan. She had zero distributions. Calculate the credit for her qualified retirement savings contribution on form 8880.

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Answer #1

The maximum Adjusted Gross Income for credit eligibility for "Single taxpayers" is $32,000. Thus, in the given case Amanda will not be eligible for taking any credit for her qualified retirement savings contribution on form 8880.

However, if we assume that Amanda files her income as "Head of household" , she can claim credit of 10% of her qualified retirement savings contribution on form 8880 (being Rs. 150)

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